T Jolly Services – which has offices in Birmingham, Preston and Leigh – suffered from ‘an increasingly competitive market, as well as cut backs and delays in public sector budgets’.
The firm installed and maintained commercial boiler and air conditioning systems for commercial properties and employed some 120 engineers.
Lee Ross and Matt Dunham have been appointed to handle the case with the hope of securing a going concern sale for the company’s maintenance division and the preservation of 80 jobs.
But the administrators have already been forced to close the installation division, costing 65 jobs.
Joint administrator Ross said: "T Jolly is a long established and well known company that has suffered from the recent downturn and has failed despite recent attempts to refinance.
"With the support of customers, suppliers and the workforce we are continuing to trade the maintenance division and are hopeful that a sale can be achieved in a short timeframe.
"Interest in the business since our appointment has been encouraging."
According to its website, the company provided heating, air conditioning, electrical, plumbing, catering and maintenance services.
The firm was recently appointed as the mechanical maintenance contractor for the Wolverhampton Science Park and, in January this year, announced the opening of its Birmingham branch based in Edgbaston.
By Andy Pearce